San Francisco Home Prices Hit All-Time High: Median House Sale $2.15M in March 2026

Key Findings

• New all-time high for SF houses. Median price hit $2,150,000 in March 2026, up 18% year over year, surpassing the previous peak of $2,050,000 set in April 2022.
• Condos near record levels. Median condo sale price was $1,357,500, up 27% year over year, the second-highest monthly reading on record.
• Luxury segment breaks its own records. 22 house sales at $5M+ (up 83% YoY) and 24 condo sales at $3M+ (up 380% YoY) both hit new monthly highs.
• Fiercest bidding in years. 85% of houses sold over list at an average 23% above asking, tied with April 2022 for the highest overbid percentage on record.
• Inventory at historic lows. Active and coming-soon listings on April 1 were down 28% year over year, with houses making up just 26% of available supply.
• A market moving fast. Average days on market fell to 29, the fastest pace since spring 2022, while price reductions on active listings dropped 39% year over year.

A Market That Refuses to Cool

By almost every measure that matters, San Francisco's residential market just posted its strongest month in years. The Compass April 2026 Real Estate Report, which captures data through March, shows the median sales price for a single-family house reaching $2,150,000, a new all-time high that exceeds the previous peak set in April 2022. Condos came in close behind at $1,357,500, the second-highest monthly reading ever recorded, trailing only April 2022 by a razor-thin margin.

Zoomed out to the quarter, the picture is even clearer. Q1 2026 delivered the highest first-quarter median house price in San Francisco history, up 22% year over year, and the highest Q1 median condo price on record as well. The momentum did not come from a calm macro backdrop. It arrived during a brief military conflict with Iran, a spike in oil prices, and a modest uptick in mortgage rates, all of which would historically be expected to cool buyer behavior. They did not.

“These records are being driven less by enthusiasm than by scarcity,” observes Sean Mamola, Global Luxury Specialist with Compass. “When buyers are pursuing a historically thin pool of listings, medians move fast, and March is what that looks like.”

Scarcity Is the Engine

The supply side of the equation tells the real story. Active and coming-soon listings across the city fell 28% year over year, leaving just 835 homes available on April 1. Houses are particularly thin on the ground: they represented only 26% of active listings citywide, with condos making up 63% and TICs and co-ops filling out the rest. By any historical standard, San Francisco is operating on an extremely lean inventory, and the house segment is the tightest of all.

New construction is not filling the gap. According to the San Francisco Office of the Controller, authorized housing units in late 2025 ran well below the pre-pandemic 2019 average, and the trend line does not suggest near-term relief. Add in the slow pace of foreign migration and a population that remains below its 2018 peak, and the result is a demand curve running into a near-vertical supply line.

“The condo segment has quietly rebuilt itself over the past eighteen months,” notes Mamola. “A 27% year-over-year median move isn't a statistical anomaly anymore, it's the trend.”

The Luxury Segment Breaks Its Own Records

The high end of the market is where the data becomes genuinely unusual. March 2026 saw 22 single-family house sales at $5 million or more, setting a new monthly record (just edging out the 21 sales posted in June 2021). The condo side was even more dramatic: 24 sales at $3 million or more, up roughly 380% year over year and obliterating the previous monthly high of 17 set in August 2021.

That activity is concentrated in the neighborhoods one would expect. Median house prices in Pacific Heights reached approximately $7 million over the trailing twelve months, with at least one trade reported above $42 million. Neighboring Lower Pacific Heights and Russian Hill also posted seven-figure medians and multiple sales well above $9 million. Luxury condo activity clustered in the same established addresses along with the waterfront corridor stretching through South Beach, Yerba Buena, and Mission Bay, where buyers continue to reward full-service high-rise living.

“The high end is where confidence shows up first,” explains Mamola. “Twenty-two $5 million-plus house sales in a single month tells you something about how buyers at that level are reading the current environment.”

Buyers Face the Sharpest Competition in Years

Competition metrics across the city have climbed to levels not seen since the peak of 2022. 85% of houses sold in March closed above the list price, with the average sale coming in 23% above asking, a figure tied with April 2022 for the highest overbid percentage in the Compass dataset. Condos were not far behind: 62% sold over list, averaging 7% above asking, the highest condo overbid percentage since 2019.

Speed has accelerated in lockstep. Average days on market dropped to 29 across all property types, the fastest pace since spring 2022, with houses moving in an average of just 20 days. Price reductions on active listings fell 39% year over year, a signal that sellers are getting what they ask for and not needing to chase the market down. The absorption rate, which measures the percentage of listings accepting offers each month, surged above 30% in March, a level generally associated with extreme seller's markets.

“Competing for a house in this market is an execution problem,” Mamola emphasizes. “Pre-underwriting, disclosure review, and a disciplined offer structure matter more than a marginal stretch on price. Sellers in multi-offer situations are choosing the cleanest terms, not always the highest number.”

Macro Crosscurrents: Rates, War, and Confidence

The strength of San Francisco's numbers is even more striking against the backdrop of the broader economy. According to Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed conforming rate spiked to 6.46% the week of April 2 during the Iran conflict, but has since eased to 6.30% as of April 16. That decline is a positive signal, though the rate environment remains elevated compared to pre-conflict levels of 5.98%. Crude oil remains in the mid-$90s per barrel (WTI was at $94.62 on April 16), and gas prices nationally are above $4.00 per gallon per EIA data. The April 8 cease-fire is holding, but the Strait of Hormuz has not been fully reopened, with Iran restricting traffic and over 230 tankers reportedly waiting to pass through. The two-week truce is set to expire April 21, and extension talks are ongoing.

On the equity side, financial markets have more than recovered from the conflict. The S&P 500 closed above 7,000 for the first time on April 16, and the Nasdaq posted its 12th consecutive daily gain, the longest winning streak since 2009. That strength supports the wealth effect that drives much of San Francisco's upper-tier activity. The Federal Reserve held the fed funds rate steady at 3.50–3.75% at its March meeting per FRED, with the next decision set for April 29. Markets are pricing in no cut until at least September, but the rate environment is still materially more accommodative than it was two years ago.

“Buyers absorb rate noise better than most people expect,” Mamola adds. “What actually constrains them is inventory, and that hasn't loosened.”

What This Market Asks of Buyers, Sellers, and the Luxury Segment

For buyers, the operative word is preparation. The spring market is not a place for tentative financing, incomplete disclosure review, or offers written at the last minute. The buyers winning homes in March were fully underwritten well before they wrote, had already absorbed the key inspection reports, and came in with terms that made the seller's decision easy. Price still matters, but in multi-offer situations it is frequently not the deciding factor. The mid-market in particular (houses under $2 million and condos under $1.5 million) has become the most competitive segment in the city, as a large pool of buyers compete for a shrinking number of listings.

For sellers, conditions are as favorable as they have been in years. Price reductions have become rare, days on market have collapsed, and the overbid percentage suggests that even ambitious list prices are meeting enthusiastic response. Sellers who have been waiting for the market to come to them now have the leverage to dictate terms. That said, preparation still matters: the homes drawing the strongest response are the ones that come to market fully staged, pre-inspected, and accurately priced to invite competition rather than test it.

For the luxury market specifically (the $2 million-plus segment and the high-rise condo corridor in particular), the data suggests that buyers at the top of the market are moving with unusual conviction. A single month that simultaneously sets records for $5 million-plus houses and $3 million-plus condos is not a statistical coincidence. It reflects a buyer base that is well-capitalized, confident, and willing to act despite geopolitical and macroeconomic uncertainty. For sellers in this segment, the window to capture that demand is open right now.

“Spring is typically the peak of SF activity, and we're entering it with listings down nearly a third,” Mamola continues. “The pressure on well-prepared homes isn't going to ease overnight.”

Considering a Move in San Francisco This Spring?

Considering a luxury condo purchase or sale in San Francisco? Sean Mamola brings 17+ years of real estate expertise and a luxury hospitality background to every client relationship. As a Global Luxury Specialist with Compass focused on San Francisco's premier high-rise communities and most desirable neighborhoods, Sean offers the market knowledge and personalized service that discerning buyers and sellers expect. Schedule a consultation or call (415) 704-3640.